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Travel cash cards sound great, but there are a few key issues to watch out for. Photo: iStock Do not use a travel cash card. That’s the golden nugget of advice from Traveler “Tripologist” Michael Gebicki when it comes to managing your money abroad. Don’t approach one of them. “I hate them,” Gebicki told Flight of Fancy, the Traveler podcast, on this week’s money-themed episode. “I don’t understand why any intelligent person would ever use a travel cash card.” To clarify, a “travel cash card” is different from a standard credit or debit card. It is a product offered by many institutions today – from Australia Post to Qantas to CommBank – that allows travelers to buy amounts of foreign currency and put it in a card, which can then be used like a standard debit or credit card with local currency when they travel. abroad. Sounds great at face value, but there are a few issues, as Gebicki explains. “The exchange rate, to begin with, is pretty bad,” he said. “And then there

Chris Blumas understands why investors might be nervous about a looming recession. Illustration after illustration of Joel Kimmel Money manager Chris Blumas understands why many investors are reluctant to buy stocks at this time, given the economic threats, including predictions of a growing recession. But in his view, the market is currently much less risky as valuations for many securities have dropped significantly, meaning the potential for better returns is even higher for investors holding funds for the long term. “That’s not to say that things can’t go down in the short term, but for anyone with a time horizon of more than three to five years, now is a pretty interesting time to invest if you can look beyond short term volatility. , said Mr. Blumas, a Toronto-based portfolio manager at Raymond James Investment Counsel Ltd., a multi-manager platform with approximately $1 billion in assets under management. “I see a lot of value in the market today,” added Mr. Blumas, who overs

Are you one of the many savers who cheer when interest rates start to rise? For years, record low interest rates meant anyone with money in the bank got little or no interest. The Reserve Bank this week raised the official interest rate by 0.5 percentage point, its third increase in as many months. If you’re having trouble paying the higher interest rates on your mortgage, we’re here to help. But if you’re a saver (and don’t want to invest), here are three options for parking your money. First, what will happen to the interest rate on my savings account? Depends. The official cash rate has gone up, but that doesn’t mean everyone will earn more interest on their savings. It is up to individual lenders to decide how much of the Reserve Bank’s rate hikes to pass on to savers (and mortgage borrowers). Some lenders have already started going through the July hikes. In June, the big four banks were slow to pass rate hikes to their savings accounts and not all continued the hike in full. So i